All Forum Posts by: Grace Santos

I have a short term rental in McKenzie Bridge, OR that I'm doing a cash out refinance right now and just got the appraisal report back. The ARV came back reasonable, but on the report, the appraiser only used Vrbo data and no Airbnb data, which many of my neighbors use both platforms. They also put that we have been marketing the property for 3 months, which we just listed it 2 weeks ago so that makes no sense why he would say that or where got that. Our rental is new so he's using projected, but has anyone who has had any new listings challenged the rental data on the appraisal report and been successful and how did you go about it?

Also just to add, we did provide an entire packet for the appraiser of the updates, added value, AirDna data with occupancy rates and market data of neighboring comps. The appraiser also called me to ask these things. Any guidance is appreciated. 

@Jared Rine Appreciate the insight! Also good to know you have used them before. I had a hard time finding lenders for my specific situation and they were one of two that could do what I was looking for. My STR's have only been up for 3 months so although I have owned them just about 6 months now, many lenders wanted to see 12 months of STR income, use market rents to underwrite, could only give 70% cash out, or quoted me really high rates and points.

Alex, it is through Oaktree Funding but the broker is through Greenkey Financial. Yes, this seems to be the case. 

Thank you all for the input. I asked them to clarify more on this today and it's due to wanting to see that I am timely on payments for all properties but that it'll be vested in my LLC at closing.

Timothy, yes they seem to be conventional lenders that offer DSCR/non-qm rather than a true DSCR lender. I'm starting to notice that difference. Thank you for the insight on this!

I see. So it sounds like this is probably happening due to them not doing DSCR mostly. I do like the terms but formatting on the disclosures wasn't what I expected. I'm also remembering now under where it says type of mortgage they had it marked "conventional". I didn't see DSCR written anywhere.

Hello, I'm doing my first DSCR cash out refinance on my short term rental in Indiana. It's currently owned under an LLC. I'm working with a broker right now and just received the initial disclosures. This is where I'm not sure if this is normal. On the initial disclosures it has only my personal name on as the borrower as well as my personal debt listed. They also asked for my personal home mortgage statement. Nowhere on it does it list my LLC as the borrower. It only has my name. I asked the broker about this and he said this is normal and they'll fix it at closing but I didn't feel comfortable signing the disclosures yet unless I knew we were closing in the LLC. I've only used hard money so far with my LLC's and they've never asked for my personal stuff other than to run my credit so I'm just unsure if this is normal or not. Any guidance is much appreciated!

-Grace